BREAKING: Etisalat Nigeria Chairman, Hakeem Bello-Osagie, resigns

The Chairman of Etisalat Nigeria Limited, Hakeem Bello-Osagie, has resigned his position.

The resignation takes immediate effect.

A statement obtained confirmed the development, saying the decision followed “the approval of a restructuring plan for the telecommunications firm.”

Mr. Bello-Osagie, the one-time Chairman of the United Bank for Africa, UBA, was the surviving shareholder in the embattled mobile operator currently embroiled in a $1.2 billion (about N377.4 billion) loan repayment crisis with a consortium of 13 Nigerian banks.

He was the promoter of Emerging Markets Telecommunications Services, EMTS, which controlled 15 per cent of the equity holding of the company

His resignation followed the withdrawal, two weeks ago, of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.